If Ruger made a 4" Redhawk, I'd recommend it.
That being said, I have a 4" 629-6, and it's probably my favorite revolver right now.
For cheap ammo, I can get MagTech 240-grain ammo (full power BTW), for roughly $20/50. Good, accurate stuff.
As for carry ammo, I carry 240-gr Hydra-Shoks. They run just about 1040 fps from the 4" barrel. Very good, very accurate.
As for reloading, the cheapest way to go would be the Lee anniversary kit. You can get it, Lee's handloading book, and a set of dies for about $100+shipping from Midway. It's easy and the instructions are easy to follow. You can always upgrade later, or juist start out with a top-notch kit like the RCBS Rockchucker kits or even a Dillon AT 500 or RL550 kit.
Best thing to do would be to follow the advice to find someone who reloads and see if they will let you watch them, and perhaps load soem yourself, so you can see what it's all about and if you'll enjoy it (some people plain don't like it, to others, it's as enjoyable as shooting is).